The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-06-19
SPECIAL AND PERSONAL.
An Outside Opinion.
New York Nation.l

| IL Is now CIeaf ludl lHc Sole tHutdFVi VI
the State was 10 effect by persuasion what
it had failed to effect by laws, threats,
and years Of litigation-that Is, sub
stanlal acQuiescence with the Riddle
berger settlement - the negotiations
were. of course. foredoOmed 10 failure.
The creditors are no doubt disappointed,
but a review of their position should
make them take heart again The mig
gardly policy of the State has at least
/ prevented them from being tempted to
abandon all their real security by the Of
fer of a large sum, and they will be
spared the future bitterness OF finding
their claims denied TO them, principal
and interest and themselves treated to
insult and warmed-over excuses, after
the manner with which tennessee
treated her creditors. As they
now stand they can fight on, sure that
their coupons will have some value not
dependent on the pleasure of repudi-
ating party or state; and 1t is highly
probable that this value will slowly rise
after the immediate present
IL, after thus reviewing their position,
any of the creditors still fail to feel the
advantage of having a legal right in place
of Nirginia's bare word for round sum,
let him send for "A file Of Virginia papers
and read them. He will find that the re-
fusal to accept the munidcent c0mprOm
Use is considered by the regulators "as
a declaration of war" Now, who would
care TO trust TO people who can so twist
facts that, after marrying their creditors
for five years i'm order TO drive them from
legal stronghold and failing in that,
they call the mere refusal TO vacate at
request, an act Of aggression too great TO
be borne
The newspapers, Of course, are iull OF
the severe measures the state VIII take.
They threaten 10 pass constitutional
amendment regulating the whole debt,
to levy monthly taxes, and darkly hint
at other honorable measures for de
stroying the tax-recciyablc quality Of the
coupons. But, as the Baltimore SIM
dryly remarks. the remedies are not OF
obvious efficacy The editions also trust
10 chapter Of accidents. Stress is laid
upon the fact that the death o. Mr.. Justice
Woods will give the President chance
to appoint a successor who Will JON with
"A minority in the present court TO reverse
the decision making coupons tender Tor
taxes. This is puerile. The President
NAV be trusted to fill this important po-
sition with an honorable man, learned in
the law. / he b0ndhOldcrs need ask for
nothing more. Such man will follow
what has, with very few exceptions, been
the custom Of the Supreme Court, and
abide by its past decisions. So strong Is
this rule Of abiding by decided cases that
there Is no fear that the judges who dis
scented from the opinion in the Hath
United States Reports would reverse the
decision now They abode by the major
ity opinion in the 10th United States,
and the ne essary grounds of the decis-
ion are too narrow TO be changed by any
thing short of reversal. The Nirginians
should recognize once for all that aothtHg
short n an amendment 10 tie COHSltHtWh ~
the lnued suites cdH ctaHg6 tie tdf-Tocora-
be quality Of the coapons
As to the chapter of accidents outside
of the courts, the bOndholders have much
more to hope. Virginia is now probably
at its lowest moral and intellectual ebb.
Though the State, as a whole, Is richer
than before the war, its best people by a
transfer of wealth are poorer. In conse-
quence its energetic blood has emlgrated,
its citizens have taken high places espe-
cially in MARYLAND, New York, and the
Pacific States, and are indeed scattered
all over the West and North The gap
left has not vet been filled. On the CON
trary Malone, Riddleberger, and Massey
| have been the dominating influences over
| both political parties, TO which men of
placid temperament and not particularly
strong character, like Fitzhugh Lee, have
been obliged TO succumb Emigration has
not set in sufficiently TO make It's in
| fuence felt. But in the future when the
West becomes practically filled up, II Is
not unlikely that the population OF Viz
gina will change Western and North
ern capital and energy will develop 1t
and bring in business principles TO re
place the present mawkish sentimentality
and public dishonesty. Then Nirginians
| will see that it will actually pay TO have
good credit and will settle their debt.
At the same time, un-
less the creditors should continue to
| wrong the State, their condition would be
apIecariOus one. If the state could pre-
vent the coupons from entering its treas
ury. its legislators would feel so rich that
the same faults of intellect ana character
which prevented them from paying their
debts would cause them To run into all
sorts of extrayagant expenditures Even
now State pensions begin TO agitate the
politicians brains, and next we sho Id
hear of internal improvements, schemes
for making Norfolk rival New York,
monuments to public characters, and the
other hundred schemes for friiterlng
away the public money. But upon tins
the coupons will be a constant cheek
The higher the taxes the more tempta.
ton for paying them with coupons; and
their menace will spoil the States credit.
Thus ii will be impossible 20 forget their
debts, and the two greatest dangers In a
matter of this sort, stolid forgelfulness
and actual inability 10 pay, Will be pre-
vented.